TLDR
- Binance seals Gopax deal, officially reentering South Korea’s crypto market.
- Regulatory greenlight paves way for Binance to revive Gopax operations.
- $70M disbursed as Binance helps Gopax recover from its liquidity crisis.
- Binance-Gopax deal reshapes South Korea’s crypto competition landscape.
- Binance eyes broader Asia expansion after securing Gopax acquisition.
Binance Gopax acquisition has now received final approval from South Korea’s Financial Intelligence Unit. The decision marks Binance’s official re-entry into the South Korean market after exiting in 2021. The acquisition process faced repeated delays due to regulatory scrutiny and compliance checks.
South Korea’s authorities approved the executive restructuring report filed by Gopax, clearing the last major hurdle. Binance had secured a 67% stake in Gopax back in February 2023. However, the final go-ahead came only after extensive assessments around anti-money laundering compliance.
The Binance Gopax acquisition allows the global exchange to regain access to one of Asia’s largest crypto markets. South Korea maintains strict requirements for local exchanges, particularly around verified user accounts and real-name banking. With this move, Binance will now integrate its global trading infrastructure into Gopax’s local platform.
Gopax to Resume Growth Under Binance Backing
Gopax faced severe disruption during its 2022 liquidity crisis, which stemmed from its exposure to Genesis Global Capital. Genesis halted withdrawals after the collapse of FTX, freezing approximately $47 million in customer funds. Binance’s involvement originally aimed to restore Gopax’s solvency and resume normal operations.
The Binance Gopax acquisition includes a plan to compensate affected users using recovered assets and injected capital. Binance has already helped disburse $70 million to impacted users. The remaining funds are expected to be paid once recovery proceedings conclude.
Gopax is now expected to renew its banking partnership with Jeonbuk Bank under Binance’s ownership. This relationship is critical for maintaining the exchange’s regulatory license to operate fiat-to-crypto services. The partnership will also support compliance with South Korea’s 2025 Virtual Asset User Protection Act.
Market Landscape Shifts as Binance Returns
Upbit currently leads the South Korean market, holding over 72% of crypto trading volume. With the Binance Gopax acquisition completed, competitive dynamics are likely to change significantly. Binance’s entry is expected to lower regional price premiums and boost liquidity.
The approval also signals growing regulatory trust in global exchanges that adopt strong compliance practices. Binance improved its global standing after settling U.S. cases earlier in 2025. This compliance shift directly influenced South Korean regulators to resume and approve the deal.
As part of broader developments, South Korea continues refining its crypto framework. Recent moves include a suspension of crypto lending services and preparations for regulated ETF offerings. The Binance Gopax acquisition now positions Binance as a key player in this evolving market.
Binance Eyes Regional Expansion Beyond South Korea
The Binance Gopax acquisition also aligns with Binance’s regional ambitions across Asia. Binance founder Changpeng Zhao has expressed strong interest in expanding within Southeast Asia’s digital finance space. His strategy focuses on tapping into fast-growing economies with strong user bases.
Recent efforts include Binance Japan’s partial acquisition by SoftBank-backed PayPay and ecosystem investments in Vietnam and China. With Gopax now under its umbrella, Binance gains a strong foothold in one of the world’s most active crypto markets. The platform aims to push blockchain adoption and Web3 innovation under tighter regulations.
The Binance Gopax acquisition confirms Binance’s commitment to compliance-led global growth. As South Korea tightens oversight, Binance’s strategic timing could give it a long-term advantage. The move strengthens Binance’s global presence while restoring confidence in Gopax’s operations.
